Crypto is pushing traditional markets toward a world where trading never stops. Trade.xyz, a little-known market built on top of crypto exchange Hyperliquid, has generated roughly $500 billion in volume since launching in October, with perpetual futures tied to assets ranging from oil and gold to the S&P 500 and pre-IPO companies such as SpaceX. The platform and Hyperliquid are now pushing regulators to allow pre-IPO perps in the US, arguing they could improve price discovery. Bloomberg's Muyao Shen joins Ed Ludlow on "Bloomberg Tech."